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Recent Research Reports

Exiting Position – Westshore Terminals Investment Corporation (TSX: WTE)

Published on February 26, 2026

Today, shortly before market close, we exited our position in Westshore Terminals Investment Corporation, selling our shares at a realized price of $32.90. Our decision is the result of a significant share price expansion on the part of WTE, moving the market price above a level which we would view as attractively valued.

Kits Eyecare Ltd. (TSX: KITS), Removing the Rose Tint

Published on February 26, 2026

Kits Eyecare Ltd. is a Canadian direct-to-consumer online provider of prescription glasses, sunglasses, and contact lenses. The company currently trades at a premium valuation due to its continuing strong revenue growth and anticipated future increases in margins. Based on the competitive landscape of the business and financial estimates, we believe the company is significantly overvalued and that investors should short sell.

Exiting Position – Kiwetinohk Energy Corp. (TSX: KEC)

Published on January 16, 2026

On October 28, 2025, privately held oil & gas producer Cygnet Energy submitted a bid to acquire Kiwetinohk Energy Corp. (TSX: KEC) in a deal valued over $1 billion CAD. Cygnet’s bid offered cash of $24.75 per share, and as of December 31, 2025, we received our consideration from Cygnet and effectively exited our position in KEC.

Constellation Software Inc. (TSX: CSU), Mapping the Starry Sky

Published on November 6, 2025

Constellation Software Inc. has been building, managing, and acquiring a broad range of Vertical Market Software (VMS) platforms for decades with a high degree of success. Fear surrounding a decrease in profitability or strategic standing of the business due to the development of Artificial Intelligence has recently sent the price of CSU shares into a plunge. We believe this presents investors with an attractive entrance opportunity into one of Canada’s greatest capital allocators, taking advantage of paranoia and misunderstanding in the market.

Exiting Position: Bloom Energy Corporation (NYSE: BE)

Published on September 19, 2025

Today, shortly before market close, we exited our position in Bloom Energy Corporation, selling our shares at a realized price of US$85.00. This change in position comes less than two weeks after our buy recommendation was made at a price of US$55.00 per share. Our decision is a result of the significant and rapid share price expansion which Bloom has seen over the past two weeks, which has moved the price of shares outside of the range in which we would consider them attractively valued.

Top Down Analysis – Picks & Shovels: GE Vernova Inc. (NYSE: GEV) & Bloom Energy Corporation (NYSE: BE)

Published on September 10, 2025

Burgeoning investment in Artificial Intelligence infrastructure and the reindustrialization of the United States is poised to deliver an extended period of unprecedented power demand growth. On the private side, Artificial Intelligence provides the opportunity to realize the greatest business model in history. On the public side, both AI and reshoring production are a significant national security concern in a geopolitical environment ripe with rising tensions. The background of aging North American power infrastructure creates the opportunity for explosive and long term growth in the power supply business, and as top ideas to play on the theme we have selected GE Vernova Inc. (NYSE: GEV) & Bloom Energy Corporation (NYSE: BE).

Telesat Corporation (TSX: TSAT), The Final Frontier

Published on June 29, 2025

Telesat Corporation is a leading global satellite operator, offering services for voice, data, and video communications and high-speed internet access. Dramatic growth in global demand for broadband services has presented the company with a unique opportunity to expand operations into the low Earth orbit satellite space, through the buildout of its 198 satellite constellation: Telesat Lightspeed. Telesat offers investors a high-risk, higher-reward proposition, with the potential for truly explosive returns. At current levels, we view the shares as a Strong Buy.

Top Down Analysis – Banking on Consolidation: Kiwetinohk Energy Corp. - (TSX: KEC)

Published on June 16, 2025

Future growth of North American liquefied natural gas exports have been a significant driver of an uptick in drilling activity and mergers & acquisitions in Canada’s Montney and Duvernay formations. These formations boast some of the largest natural gas reserves found globally which have been exploited only to a small extent, creating significant opportunities for accretive acquisitions in the space. Expected synergies from consolidation of land ownership and associated assets coupled with a strong backstop of growing export capacity and low costs of financing are expected to create significant tailwinds for further consolidation activity. For a small cap investor, the dream of a 50%+ takeover premium does not seem so distant. As a top pick to play on the theme, and an attractive standalone investment, we have selected Kiwetinohk Energy Corp. (TSX: KEC).

Westshore Terminals Investment Corporation (TSX: WTE), Riding the Incoming Tide

Published on May 31, 2025

Westshore Terminals Investment Corporation operates North America’s largest coal export terminal, located near Delta, British Columbia. The company is currently developing its facility to allow for the addition of approximately 9 million tonnes of potash exports per year (currently exporting ~26 million tonnes of coal per annum or Mtpa) in a partnership with BHP Group Ltd. We believe Westshore is a one of a kind asset and presents investors with a unique and attractively valued investment opportunity.

Superior Plus Corp. (TSX: SPB), The Basket Case for Value

Published on May 25, 2025

Superior Plus Corp. (TSX: SPB) is a leading North American distributor of Propane and Compressed Natural Gas (“CNG”). The company has recently laid a framework for a multitude of positive transformations which the market has not yet reflected in share prices. We view the opportunity as a classic value investment and think that shares offer an attractive risk reward proposition at current levels.